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ZincOx expects Korean recycling plant to reach full production within few months

ZincOx Resources expects its Korean recycling plant, set to be Asia’s largest zinc recycling project, to reach full production over the next few months.
ZincOx expects Korean recycling plant to reach full production within few months

ZincOx Resources (LON:ZOX) expects its Korean recycling plant, set to be Asia’s largest zinc recycling project, to reach full production over the next few months.

“We expect it to be at, or close to, full production within about four months,” chairman Andrew Woollett told Proactive Investors.

Furnace repairs and the bringing forward of a scheduled stoppage to install more reliable heat exchangers, have hampered the move towards full production and optimisation of the plant.

“Both of these repairs will be completed by the middle of April when the ramp up will resume,” Woollett said.

He added that he anticipates a “strong” recovery in the group’s share price as production at the plant increases.

Shares in the AIM-listed company dropped this week following the announcement of a heavily discounted share placing and disappointment that the company needed another fundraising to take it to full production. 

Woollett was upbeat about the outlook for zinc prices, echoing comments made recently by top producers of the metal.

“The supply side continues to look tight as mines close and there is insufficient development of replacement capacity. The medium-term demand looks likely to remain strong, not least because as steel in the developing world is increasingly protected by galvanising, there is a strong demand for zinc.”

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ZincOx Resources plc Timeline

December 22 2015

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